Business Succession Planning Attorney NJ
Business succession planning is the process of transferring control of a business to other people who will assume ownership duties. When you begin drawing up a succession plan, you will need to mull over certain logistical and financial decisions. For example, who is going to be your successor? Are you ready to retire? Are all the pieces in place so that you can facilitate a successful transition of ownership? These are questions you need to answer when devising a business succession plan.
Succession planning is often a very delicate process because there are a lot of moving parts that determine how you implement the transition. However, the experts at Borenstein, McConnell and Calpin can help you bring about a well-executed and effective exit plan.
How Business Succession Planning Works
Business succession planning has many different elements, but the ultimate goal is to establish a guide that provides step-by-step instructions when there is a change in ownership. A succession plan clearly outlines the cost of the sale and other stipulations that will make the departing owner feel more at ease with the transition. A succession plan also typically involves several different parties who have a vested interest in the sale of the company.
Here is how we can help you devise a succession plan:
- Creating a succession timeline-- This includes various details that outline the specific date and time of the sale/transfer of ownership.
- Determining your potential successors -- This is a list of everyone who is up for consideration for taking over the business.
- Stipulating your standard operating procedures -- You have the option to create procedures and protocols that the new successor must honor. This can also include training materials and employee handbooks.
- Calculating your business’ total worth -- In other words, you must determine the value of your business, which is the monetary amount of what it’s worth (this is something you should update frequently).
- Knowing how your successor will finance the business -- This particular part of your plan usually encompasses several things, such as insurance, a seller’s note, and other financing strategies.
Why You Can Trust Our Business Succession Attorneys in New Jersey to Create Your Business Succession Plan
Ultimately, you want a team of legal experts on your side who are detail-oriented and won’t cut any corners, which is why you can rely on us. We can provide you with a comprehensive and well-constructed succession plan -- there is simply no situation or complexity that we can’t handle.
When we begin devising your plan, here is how we will go about creating it:
- A simplified transition -- We ensure that the business will continue to function and operate properly during the transition phase.
- Leadership roles -- We can also help you establish a team of people who can oversee employees and manage various departments within the company.
- Clientele retention -- After your exit, we will help ensure that the business doesn’t lose any of its principal customers.
- A successor you can trust -- We can also evaluate the successors you have in mind to take over your business. We will look over their qualifications and overall professionalism to determine if they are the right choice to take over your business.
Are you ready to begin creating a business succession plan? Give us a call today and schedule an appointment with one of our trusted attorneys. Our goal is to ensure that business owners throughout New Jersey and New York can protect their companies with a reliable and legally airtight exit plan.
Getting in touch
Borenstein, McConnell & Calpin, P.C. is a Business & Estate Planning law firm serving Central and Northern New Jersey, as well as New York City. We strive not only to give you a great client experience, but to become your trusted adviser for life. To reach Erin, please send an email to email@example.com.
155 Morris Avenue, Suite 201
Springfield, NJ 07081
3 Werner Way, Suite 230
Lebanon, NJ 08833
4607 Fort Hamilton Parkway
Brooklyn, NY 11219